Syria reveals the mechanism for destroying old currency under the supervision of the Financial Control Authority
Syrian authorities have revealed the precise mechanism for handling the old Syrian pound after its withdrawal from circulation and replacement, emphasizing that the processes of receiving, sorting, and destroying it are subject to direct and strict supervision by the Central Financial Control Authority. This step is part of a series of measures aimed at ensuring the integrity of financial operations and protecting public funds from any potential manipulation.
Receiving and destruction stages under a microscope
The Central Financial Control Authority explained that the journey of the old currency begins the moment it is received at bank branches throughout Syria. This currency undergoes meticulous counting and sorting before being transported via secure channels to designated destruction centers. The Authority emphasized that these stages are carried out under strict oversight procedures primarily aimed at bolstering confidence in the country's monetary policies.
In a statement carried by the Syrian News Agency (SANA), the Undersecretary in charge of monitoring the economic sector at the Central Agency for Financial Control, Muhammad Ghafir, said: “The agency is strictly exercising its legal role in monitoring the processes of receiving and destroying old currency, and ensuring that all concerned parties comply with the approved legal procedures, in order to achieve the highest levels of transparency and prevent any waste or abuse of public funds.”.
Coordination with the Central Bank and the importance of monetary modernization
Ghafir added that the receipt and destruction processes are not carried out unilaterally, but rather in full and continuous coordination with the Central Bank of Syria and the relevant security and competent authorities at all stages. This coordination aims to protect monetary stability and enhance confidence in the financial measures taken by the state.
The replacement and destruction of old (worn-out or damaged) currency is a routine monetary policy practiced by central banks worldwide, aimed at modernizing the money supply. Withdrawing damaged banknotes and replacing them with new ones contributes to increased efficiency in cash transactions, facilitates automated counting processes in banks, and ensures the stability of the financial system.
The economic context and the importance of the measure
This process is particularly important given the current economic conditions in Syria, as maintaining the quality of banknotes in circulation is crucial to the prestige of the national currency and its ease of use in the markets. Furthermore, strict oversight of the destruction process prevents any attempts to illegally recycle damaged currency, thus helping to control the money supply and prevent inflationary effects resulting from the circulation of counterfeit or unregistered currency.
Replacing damaged currency is a necessary technical procedure to maintain the general cleanliness of circulating money and reduce the risk of counterfeiting, as new currency often has higher security specifications and better clarity, making it easier for citizens and traders to detect counterfeit currency.
